Lose the Customer’s Confidence and You Lose the Customer
My wife and I were on the phone with our bank. They take care of our checking accounts and credit cards for our entire family, and we were having a problem transferring money from one account to another.
The frustration began with fifteen minutes of hold time. Once the customer service representative came on the call, Cindy briefly described the problem. The rep asked a number of security questions, which included her full name, address, where she was born, mother’s maiden name, social security number and driver’s license number. While more than the usual questions, I understand they are for our protection. That said, the entire interaction, including fifteen minutes spent on hold waiting for the rep, was now approaching twenty minutes and thus far nothing had been resolved.
At the end of the “interrogation,” the bank’s rep said he didn’t have what he needed to verify Cindy’s identity, and he was transferring her to another rep. What do you think happened when the new customer service rep came on? She asked the same questions.
It’s now been almost 30 minutes and the reason for the call has not yet been addressed. We asked to speak to a supervisor. After a few more minutes on hold another agent picked up. Calm, cool and definitely more knowledgeable than the last two support reps, he resolved the problem … in under six minutes. He was able to take a look at several of our accounts and discovered why we were having our problem, and he fixed it.
So, let’s look at the numbers. Total time on the phone was 47 minutes. Total time to get to a person that was capable of resolving the problem was 41 minutes. And, I’ll categorize that 41 minutes as a waste of time, never to be recaptured. 41 minutes of our life gone due to long hold times and two customer service reps who were not properly trained or had not been empowered with the authority to get the job done.
So, what was the cost to the bank? I’m not sure what they pay their people, but there was wasted payroll when the first two support reps couldn’t answer my question. But what is the big cost? Shattered customer confidence.
Even though our last customer service rep got the job done, the other two couldn’t. 87% of the interaction was on hold or talking to people who couldn’t help us, which made us frustrated, if not downright angry at the bank. After the call, we had a short conversation about switching banks. We chose to give them one more chance, but will a similar experience in the future push us to find a new bank? How many positive interactions will we need to have to forget this debacle and have our confidence in the bank’s customer service restored to normal?
In today’s competitive business environment, a company can’t afford to lose a customer’s confidence. Maybe the customer will give the company a second, or even a third chance. A bank is “sticky,” meaning it’s not easy to close an account at one bank and open a new one at another. It takes time and effort. It’s not like deciding to buy shoes at a different department store. Every employee who comes into contact with a customer must recognize that in addition to the job they were hired to do, they are also there to create confidence. Here’s the bottom line: Lose the customer’s confidence, and you will lose the customer.
Most Read IRIS Articles of the Week: April 17-21
Here’s a look at the Top 11 Most Viewed Articles of the Week on IRIS.xyz, April 17-21, 2017
Click the headline to read the full article. Enjoy!
Like so many others in the industry, I was wrong. For years, I was certain that the bull market was nearing its end. I thought the market was over-extended, and that, surely, the wild equities run was coming to an end. But everyone else was bullish, and perhaps rightfully so. And while I’ve watched equities continue on their spectacular rise, I do think now is the time (really!) to put a hedge in place. Here’s why. Here’s how. — Adam Patti
The realities for fixed income investors have changed. How is this being reflected in markets? Bond investing has become increasingly difficult over the past decade. Markets have been heavily distorted by ultra-low interest rates and quantitative easing, as well as by extreme risk aversion in response to the global economic crisis and the eurozone debt crisis. — Nick Gartside
Is being a financial advisor worth it? I am an optimistic person and I encourage other people to keep a positive mental attitude (shout-out to Napoleon Hill and W. Clement Stone). However, by taking a good, hard look at the negatives in life, we can successfully pivot towards the positive aspects that will help us achieve our goals. — James Pollard
How do you treat one of your most valued, existing clients? Here’s a list of some things that come to mind. — Andrew Sobel
According to many advisors I speak with, the only clients that leave are those who have died. And while attrition may not be a big problem in this industry, I have to assume that at least a few clients change advisors without doing so via the funeral home. — Julie Littlechild
I was talking with an advisor last week about how to get into conversations about what he does. He was relaying the story of going jogging with a friend who could be a good client but is, more importantly, connected to a large network of people who fit this advisors ideal client description. — Stephen Wershing
Big picture thinkers are not unicorns - rare and mystical. And they were not born with the innate ability to think big. They do, however, pay attention to the broader landscape and take the time to think, analyze and evaluate. — Jill Houtman and Danny Domenighini
Your reputation is who you are and how you show up, Monday to Monday®. Many of us take our image and reputation for granted. Give careful thought to the kind of reputation that you would be proud of Monday to Monday® and that would resonate with your purpose and priorities. — Stacey Hanke
The generational changing of the guard is a fact of life as old as time. Young replaces old in responsibility, importance, control and culture. Outside of the family, the workplace is perhaps where this is seen most regularly by most people. — Shirley Engelmeier
Next time you hear your prospects give you price objections, it’s not because of the price. The give price objections because they don’t know the full value proposition that they’d be paying for. And it’s not based on their need, or your features and functions. It’s based on the buying criteria they want to meet internally. — Sofia Carter
Last week we wrote about the economic rationale behind going independent vs. moving to another major firm as an employee. As a follow-up topic, we thought it prudent to analyze transition packages attached to big firm moves and peel back the layers of the onion to show the components of these deals. — Louis Diamond
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